Diesel Price in Jamshedpur
Jamshedpur is a city in the Indian state of Jharkhand. The city has a huge number of diesel-based automobiles. As a result, the consumption of diesel is growing day-by-day. Diesel is used for many purposes, including commercial aspects. Over the last one year, the diesel price has gone up in all regions of India. Diesel is priced on the basis of domestic and overseas aspects. Domestic aspects could be central levies and also state levies. Overseas aspects could be crude oil prices and the currency conversion ratio.
As of 16 March 2018, the diesel rate in Jamshedpur was Rs.66.44 a litre, which is inclusive of a central tax of Rs.15.33 a litre and a Value-added Tax (VAT) of Rs.13.44 a litre. When revised in April, the fuel price was Rs.59.29 a litre and increased to Rs.61.12 a litre when revised in May. It was at Rs.59.76 a litre and Rs.56.81 a litre in June and July last year. The fuel traded below Rs.60 a litre in August and September. During the next three months, the fuel was retailed above Rs.61 a litre in Jamshedpur. In January 2018, the fuel price reached to Rs.63.34 a litre and further increased to Rs.68.01 a litre.
|Also Know: Diesel Price in Madhya Pradesh|
Dynamic Fuel Pricing vs Diesel Prices in Jamshedpur
Today, the diesel price in Jamshedpur is revised each day at 06:00 a.m. This system is called dynamic fuel pricing. It has been in place since June 2017 in the country. Prior to that, oil companies had used the fortnightly-based revision for more than fifteen years. Dynamic fuel pricing is a good practice as far fuel pricing is concerned. It lets oil companies to dampen working capital, which is defined as the difference between liquid assets and liquid liabilities. The prime feature of the dynamic fuel pricing system is that it allows oil companies to reduce the amount of working capital as they can automatically revise the diesel price. On the other hand, the revision of diesel prices in Jamshedpur is manually done at non-automated diesel stations.
How can I Trace the Daily Price in Jamshedpur?
Consider downloading any of the following mobile applications to obtain the diesel price in Jamshedpur:
- Fuel@IOC : Fuel@IOC is the name of the mobile application provided by Indian Oil. It is accessible through Apple Store and Google Play Store.
- SmartDrive : SmartDrive is a mobile application offered by Bharat Petroleum Corporation Limited. It can be used to track transactions made by you. The mobile application has been customised to accumulate customer details and vehicle-related details.
- My HPCL: My HPCL is a mobile application offered by Hindustan Petroleum. This mobile application is accessible via Android, Windows and IOS devices.
Fuel consumers in Jamshedpur can also trace the latest diesel price in Jamshedpur through SMS services.
|Type RSP and send dealer code to 9223112222||Type RSP and send dealer code to 9222201122||Type RSP and send dealer code to 9224992249|
Computation of Retail Selling Price
Price breakup of diesel price in Jamshedpur
|Diesel Price per litre|
|Cost of unrefined oil with ocean freight||Rs.4,200|
|One barrel of crude oil||159 litres|
|Crude oil per litre||Rs.26.42 a litre|
|OMC cost computation|
|Refinery Transfer Price, entry levies, landing expenses, operational expenses||Rs.7.5 a litre|
|Profit margin of oil marketing companies, transportation overheads, import duties||Rs.2.87 a litre|
|Fuel Price after refining||Rs.36.79 a litre|
|Excise duty on diesel plus road cess||Rs.15.33 a litre|
|Price charged to dealers before Value-Added Tax||Rs.52.12 a litre|
|Commission to dealers||Rs.2.51 a litre|
|Cost of Fuel before Value-Added Tax (VAT)||Rs.54.63 a litre|
|Value-added Tax (VAT) at 24.62%||Rs.13.44|
|Retail Selling Price of Diesel in Jamshedpur||Rs.67.90 a litre|
The excise duty on diesel was Rs.3.46 a litre in November 2014. The Central Government had increased it to Rs.17.33 a litre. Further, it was reduced to Rs.15.33 a litre.
Quarterly Diesel Price Trend in Jamshedpur between July and September 2018
|Opening date price||Rs.71.10 a litre||Rs.71.78 a litre||Rs.74.18 a litre|
|Closing date price||Rs.71.67 a litre||Rs.74.18 a litre||Rs.78.61 a litre|
|Highest price||Rs.72.31 a litre||Rs.74.18 a litre||Rs.78.61 a litre|
|Lowest price||Rs.71.10 a litre||Rs.71.78 a litre||Rs.74.18 a litre|
Diesel Price Trend in Jamshedpur in July
- Diesel prices were reset based on the daily revision system in Jamshedpur, which is a city in the Indian state of Jharkhand, in July.
- The daily revision system computes and resets the prices of diesel and petrol depending upon the market price of oil, which is also known as petroleum, and the exchange rate.
- Both factors equally impact the pricing of diesel. An increasing trend of 0.80% was identified for the month.
- There was no much deviation in diesel prices in Jamshedpur, which were just increased by 0.80% by the public sector oil companies, including Bharat Petroleum or BPCL, Hindustan Petroleum or HPCL and Indian Oil or IOCL.
- For the first month of the quarter, the maximum and minimum fuel prices stood at Rs.72.31 per litre and Rs.71.10 per litre respectively.
Diesel Rate Trend in Jamshedpur in August
- When the month began, at Indian Oil, a litre of diesel was available at Rs.71.10. On 2 and 3 August 2018, fuel price increased slightly.
- The fuel was traded at an average price of Rs.72.38 per litre in the middle of August 2018. It was increased by 29 paise a litre after the end of the second week.
- For the three days in the week 3, the fuel was sold at a rate of Rs.73.02 a litre and for the three days in the week 4, the fuel was bought at a price of Rs.73.02 per litre.
- Between 26 August and 31 August, the price soared by Rs.1.08 per litre in the city of Jamshedpur.
- The monthly average price of the Indian Crude Brent dropped a bit and the dollar gained over the INR this month. As a result, a growth rate of 3.34% was recorded for the month.
- For this month, the minimum and maximum diesel prices were booked at Rs.71.48 a litre and Rs.74.18 a litre respectively.
Diesel Price Trend in Jamshedpur in September
- The price of diesel per litre stood at Rs.74.18 a litre for the first two days of the month. It was increased by over Rs.1 per litre on the third of September.
- The month has produced both the upward and steady trends on the basis of the international influencers.
- Over a span of a month, the price of diesel went up by over Rs.4 per litre in Jamshedpur and other parts in Jharkhand.
- In the entire quarter, diesel rate in Jamshedpur has gone up by 7 plus rupees. They were also up by over Rs.7 a litre in other cities in Jharkhand such as Ranchi, Giridih, Hazaribagh, Dhanbad, etc.
- The primary components of the selling price of diesel include the excise duty, which is also called the central tax, and the sales tax, which is also called the Value-added Tax.
- In July, August and September, the excise duty was imposed at Rs.15.33 on diesel per litre by the Government of India and the sales tax was charged at 23.33% on a litre of diesel by the State Government of Jharkhand.
Quarterly Diesel Price Trend in Jamshedpur Between April and June 2018
|Opening date price||Rs.68.32 a litre (As on 2nd)||Rs.69.85 a litre (As on 14th)||Rs.73.04 a litre|
|Closing date price||Rs.69.63 a litre (As on 24th)||Rs.73.09 a litre||Rs.71.14 a litre (As on 26th)|
|Highest price||Rs.69.63 a litre recorded on 24th||Rs.73.16 a litre recorded on 29th||Rs.73.04 a litre recorded on 1st|
|Lowest price||Rs.68.32 a litre recorded on 2nd||Rs.69.85 a litre recorded on 14th and 18th||Rs.71.14 a litre recorded on 26th|
Diesel Price Trend in Jamshedpur in April 2018
- Diesel prices in India are revised on a daily basis by State-run Oil Marketing Companies (OMCs) based on the global crude oil rate and the currency exchange value of the US dollar over rupee.
- Fuel companies fix diesel prices in Jamshedpur and across the country under the ‘Dynamic Fuel Pricing’ mechanism which is based on the preceding day’s crude oil price and the currency exchange value.
- Under the daily revision method, the diesel price on the 1st of the month was sold at Rs.68.32 per litre, this was also the lowest price for the month in Jamshedpur.
- Prices during the first and second week remained steady except with slight variations which were fixed based on the rate of crude oil in the global market.
- By mid-April, diesel prices in Jamshedpur increased by 52 paise per litre influenced by the marginal increase in oil prices.
- The highest diesel price recorded for the month stood at Rs.69.63 a litre on the 24th of the month.
- Overall, the diesel price trend in Jamshedpur in April 2018 grew by 1.92% largely influenced by the rise in crude oil prices in the international market.
Diesel Price Trend in Jamshedpur in May 2018
- Until the 11th of the month, State-owned oil companies kept diesel prices unchanged as the crude oil price remained stable.
- On the 14th of the month, diesel was available at Rs.69.85 per litre, a marginal increase compared to the opening date rate.
- During the third week, crude oil prices inclined significantly due to geopolitical tensions as the US administration exited the nuclear deal with Iran.
- This led to speculation that the supply of crude oil from Iran will drop. Iran contributes around 4% of international oil supplies or nearly 2.4 million barrels a day.
- With crude oil prices on the incline, diesel prices were increased in tandem by Indian oil companies.
- Diesel prices rose as much to post an all-time rate of Rs.73.16 per litre on the 29th of the month. This rise in fuel prices was felt across the globe due to geopolitical tensions.
- Diesel prices in Jamshedpur in May rose significantly by 4.64% impacted by high crude oil prices in the global market.
Diesel Price Trend in Jamshedpur in June 2018
- On the 1st of the month, diesel was available at Rs.73.04 per litre in Jamshedpur - this is also the highest price for the month.
- Prices started to decline; however, the reduction was marginal as crude oil rates declined in the international market.
- By mid-June, diesel prices increased by Rs.1.41 per litre in tandem with the reduction in oil prices.
- With fuel prices at an all-time high across the globe, the members of the Organisation of Petroleum Exporting Countries (OPEC) and its key ally Russia met on the 22nd and decided to increase the output of crude oil to allay apprehension of a possible shortage in supply.
- Diesel prices continued to fall significantly during the fourth week and diesel posted the lowest rate on the 26th when the fuel was available at Rs.71.14 a litre.
- With the backdrop of the decline in the apprehension of a potential shortage in supply, crude oil prices declined considerably by 2.60% influenced by the significant reduction in oil prices.
Forces Impacting Diesel Price in Jamshedpur
Exchange rate: An exchange rate is a major influencer of fuel prices. It is affected by many forces such as bank interest rates, inflation rates, export and import policies, the internal economies of a country etc. The exchange rate will vary periodically by the RBI. If the USD dampens against the INR, the cost of crude oil will shrink. Conversely, if the USD gains against the INR, the cost of crude oil will increase. Eventually, fuel prices in the city are affected.
Fuel prices in Jamshedpur largely rely on the Organisation of Petroleum Exporting Countries (OPEC) that contain the middle-east nations. Wall Street also controls and governs fuel rates. Many people do not know this fact. The quality of fuel extracted and imported also plays a huge role in determining fuel prices in India. The prices of unrefined oil are benchmarked with reference to WTI West Texas Intermediate and Brent Crude Oil. Financial derivatives such as futures, forwards and swaps are also considered.
GST vs Current Diesel Rates in Jamshedpur
The Goods and Services Tax (GST) is one of the largest tax reforms in the history of the Indian tax. It is a complete and unified tax system that has been imposed on various categories of goods and services except diesel, petrol and other petroleum products. These products are not included under the GST purview to assure that the revenue for the government will not be impacted. So, diesel consumers in the city of Jamshedpur continued to remit the previous tax.
The GST Council has to decide whether or not to bring diesel under the ambit of GST. The states have been recommended by Arun Jaitley, Finance Minister, to decline their VATs on fuels. Oil marketers and refineries are expected to receive a hit of Rs.25,000 crore annually owing to the barring of the petroleum products from the GST system. A loss of Rs.5,000 crore is likely to be incurred by oil marketing companies such as Indian Oil, Hindustan Petroleum and Bharat Petroleum. The Indian states are not willing to tax diesel, petrol and its by-products since they would like to cover a primary source of tax revenues.
*Disclaimer: BankBazaar makes no guarantee or warranty on the accuracy of the data provided on this page, the prevailing prices are susceptible to change and provided on an as-is basis. We accept no liability for any loss arising from the use of the data contained on this website.